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Bank Guarantees: All That You Ever Wanted to Know but Were Afraid to Ask
Last edited by ifv; 11-21-2008 at 11:58 AM.
Reason: spam
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Bank Guarantees: All That You Ever Wanted to Know but Were Afraid to Ask
Do you know anything about UK bank guarantee?
I am dealing with an investment company in the UK which claims to provide bank guarantee. I am looking for a lawyer to help me with the process and verify if it is legit.
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Dear Sir,
I'm sorry, we would only know about Spanish bank guarantees.
I suggest you hire a local UK solicitor to asses the legitimacy of the said BG.
Regards,
Raymundo LarraĆ*n Nesbitt
Last edited by Lawbird Lawyer; 01-27-2009 at 12:13 PM.
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Regarding those who do not have a BG; on another thread it was stated that 'Developers can be fined up to 25% penalty of the amounts they should have guaranteed'.
I was wondering how rigorously this is enforced? Is this up to the Judge presiding over a particular case, or up to a prosecuting lawyer to try & get this Fine enforced?
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Bank Guarantees: All That You Ever Wanted to Know but Were Afraid to Ask
Dear Suzanne,
It's up to your lawyer to pursue this penalty if his client wishes so.
However, we stress this is not a means to recover your deposits only to impose a punishment on the developer whose failed to comply with Law 57/68. That's why many people choose not to follow it because it doesn't really help them.
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Bank Guarantees: All That You Ever Wanted to Know but Were Afraid to Ask
I have a bank guarantee it has an expiry date upon it. But this was only the 30th of Sept 2008, this was also the completeion date for the property. The developer has staed his intention not to proceed with the property. How do i go about getting my 30% deposit back.
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Date of execution of bank guarantees
Hello Stephen,
Bank guarantees can be executed, in principle, even if the expiry date has already been met. The reason is that Courts (and some banks) are considering that the applicable laws in this matter (57/1968 and 38/1999 Acts) prescribe that guarantees will be valid until the license of first occupation has been obtained, which in this case has not happened from what you say. I suggest that you try to execute the document withthe bank and if they refuse you take legal action, via the Courts.
Last edited by aflores; 02-03-2009 at 12:36 PM.
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Bank Guarantees: All That You Ever Wanted to Know but Were Afraid to Ask
Hi, I am in a situation whereby I have bank gurantees by Caja EspaƱa however one of them is a copy and they are stalling because of this. My lawyer says this is just a stallig tactic and they cannot refuse payment. Is this correct? Are Caja EspaƱa a reputable bank?
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Bank Guarantees: All That You Ever Wanted to Know but Were Afraid to Ask
My lawyer failed to obtain the original bank guarantee document though he did get a copy of it from the bank. He says the copy may not count and that only the original counts. Is this true?
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Bank Guarantees: All That You Ever Wanted to Know but Were Afraid to Ask
POST EDITED as per the real Mrs Robinson request.
Last edited by ifv; 02-04-2009 at 08:08 PM.
Reason: Identity theft and personal information disclosure.
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